Penrice reports lower earnings as it switches to importing soda ash

9:28 AM MDT | August 28, 2013 | Natasha Alperowicz

Penrice Soda Holdings (Adelaide, Australia) on Tuesday reported an increased full-year 2013 underlying net loss of A$21.4 million ($19.1 million) on sales 8% down, to A$137.22 million. The company, in the middle of changing its business model from producing soda ash to importing of the product, says that it has completed its restructuring and sees 2014 as its transition year. Penrice closed its soda manufacturing plant at Adelaide in June and restructured its soda ash business around an import and distribution model, forming a joint venture company, Pro Asia...